Bank of America Corp. Chief Executive Brian Moynihan is set to receive a 15% bump in pay for 2017, a year in which the bank hit new profit milestones.

Mr. Moynihan is expected to receive total compensation of $23 million for 2017, his biggest pay package since becoming chief executive more than eight years ago, according to a regulatory filing the bank made Friday. He received $20 million for 2016.

The 2017 package for Mr. Moynihan includes $21.5 million of restricted stock. To get the full value of the award, Mr. Moynihan and the bank will have to meet certain performance metrics. Mr. Moynihan also will receive $1.5 million in salary, the same as the previous year. He doesn't get a cash bonus.

Bank of America's stock has rallied since the 2016 presidential election set off both a stock-market and bank-stock rally. Though the share price has slipped during the recent market selloff, it is still up 30% in the last 12 months, the best of the big banks.

Bank executives say the 2018 outlook is bright. That is because the one-time hit from the tax bill is in the past and expected to be outweighed by the law's longer-term benefits.

Fellow big-bank Chief Executive James Dimon, who leads JPMorgan Chase & Co., also got a raise for 2017. Last month, that bank said Mr. Dimon received a compensation package valued at $29.5 million in 2017, up 5.4% -- or $1.5 million -- from 2016.